Euler Hermes, the specialisist credit insurance company, is opening a new company in Brazil. Euler Hermes is part of the Franco-German group Allianz.
Based in the country since 1999, Euler Hermes aims to enter the export credit insurance market in 2004, competing with the single player in the segment, the SBCE – a joint venture between France-based Coface, the banks Bradesco, BNDES (Banco Nacional de Desenvolvimento Economico e Social) and Banco do Brasil and the insurance companies Sul America, Unibanco AIG and Minas Brasil.
Export credit insurance is a nascent sector in Brazil. According to Fenaseg (Federacao Nacional das Empresas de Seguros, Previdencia e Capitalizacao), the turnover in premiums totalled only R$10 million in 2002.
Euler will focus on exporters in the industrial sector with annual turnovers over R$150 million.
Source: South American Business Information
